Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Receives $27.00 Average Price Target from Analysts

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) has earned a consensus recommendation of “Moderate Buy” from the eight research firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $28.2857.

Several research firms have commented on CGEM. Zacks Research upgraded Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. New Street Research set a $26.00 price objective on Cullinan Therapeutics in a research note on Thursday, November 20th. HC Wainwright raised their price objective on shares of Cullinan Therapeutics from $24.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, November 20th. Wall Street Zen raised shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Monday.

Cullinan Therapeutics Stock Performance

NASDAQ CGEM opened at $11.92 on Friday. The firm’s fifty day moving average price is $8.99 and its two-hundred day moving average price is $8.06. The stock has a market cap of $704.19 million, a PE ratio of -3.60 and a beta of -0.10. Cullinan Therapeutics has a fifty-two week low of $5.68 and a fifty-two week high of $13.33.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.77) earnings per share for the quarter, beating the consensus estimate of ($0.95) by $0.18. As a group, sell-side analysts predict that Cullinan Therapeutics will post -3.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Lynx1 Capital Management Lp purchased 165,667 shares of the firm’s stock in a transaction dated Tuesday, October 28th. The stock was bought at an average price of $8.40 per share, with a total value of $1,391,602.80. Following the completion of the purchase, the insider owned 8,963,500 shares in the company, valued at approximately $75,293,400. This represents a 1.88% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jennifer Michaelson sold 4,000 shares of the firm’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $12.30, for a total value of $49,200.00. Following the transaction, the insider owned 138,004 shares of the company’s stock, valued at $1,697,449.20. This trade represents a 2.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders purchased 1,874,057 shares of company stock valued at $13,325,286 over the last 90 days. 7.16% of the stock is currently owned by company insiders.

Institutional Trading of Cullinan Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rafferty Asset Management LLC lifted its position in shares of Cullinan Therapeutics by 3.8% in the 3rd quarter. Rafferty Asset Management LLC now owns 40,729 shares of the company’s stock worth $242,000 after purchasing an additional 1,503 shares during the period. Tower Research Capital LLC TRC raised its stake in Cullinan Therapeutics by 44.6% during the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock worth $62,000 after buying an additional 2,523 shares during the last quarter. Rhumbline Advisers raised its stake in Cullinan Therapeutics by 3.9% during the second quarter. Rhumbline Advisers now owns 74,105 shares of the company’s stock worth $558,000 after buying an additional 2,767 shares during the last quarter. Tema Etfs LLC lifted its holdings in Cullinan Therapeutics by 9.0% in the second quarter. Tema Etfs LLC now owns 42,692 shares of the company’s stock valued at $321,000 after buying an additional 3,528 shares during the period. Finally, Brooklyn Investment Group bought a new stake in Cullinan Therapeutics during the first quarter valued at $34,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc, a biopharmaceutical company, focuses on developing oncology therapies for cancer patients in the United States. The company's lead program comprises CLN-619, a monoclonal antibody that is in Phase I clinical trial for the treatment of solid tumors. Its development portfolio also includes CLN-049, a humanized bispecific antibody that is in Phase I clinical trial for the treatment of acute myeloid leukemia or myelodysplastic syndrome; CLN-418, a human bispecific immune activator that is in Phase 1 clinical trial for the treatment of multiple solid tumors; and Zipalertinib, a bioavailable small-molecule for treating patients with non-small cell lung cancer.